Property & Inventory Insurance
for Retail Stores

Whether your shop carries pet food or hardware, your retail business relies on its inventory and storefront to serve customers. Should disaster strike, such as a theft, fire, or another unforeseen event, will your retail business have the financial resources to repair its store and still make payroll? Will you have a way to cover the cost of replacing your inventory?

For retail storeowners, Property Insurance may offer your business financial protection if something goes wrong. By providing the necessary coverage for damaged or lost property — including the property of others that is in your care — Property Insurance may protect your business space, equipment, inventory, and other business assets, depending on your policy. Property Insurance can help cover a range of property damage risks, from theft and vandalism to tornadoes and fires.

When you're a retail business owner in need of new inventory, operable space, or equipment, every day your doors stay closed means lost profit. Read on to learn how Property Insurance for retail businesses keeps your business running, even if setbacks arise.

How It Works

Retail Storeowners: How Property Insurance Works for You

Your retail business's assets, including building space, equipment, inventory, and supplies your business requires to operate, may be protected by your Property Insurance policy. As you shop around for the property coverage that makes sense for your store, be sure to consider whether you wish to insure your property at its current value or its replacement value.

Though purchasing coverage at your property's current, depreciated value will save you some money in the short term, the drawback of this option is that you may receive smaller payouts in the event of a covered claim. For instance, if you insure your cash registers and POS systems at their current value, you'll only be covered for the depreciated value, which will be less than how much it costs to replace them with brand new machines.

When you insure your property at its replacement value, the higher premium means that in the event of a covered claim, you may have the funds to quickly replace your property. You'll have to figure out which type of coverage makes sense for your business and its budget.

Bundle to Save

Bundle Your Retail Property Insurance to Save on Premiums

For coverage that provides a wide range of protection against property damage and liability, a Business Owner's Policy, or BOP, may be appropriate for your retail business if your business is considered low-risk and meets certain other criteria. By combining General Liability Insurance and Property Insurance at a discounted rate, your BOP saves your business money and allows you to secure a single policy with valuable business protection (including GL's lawsuit coverage). Talk to an Insureon agent to learn more about this reliable coverage and to find out if your business is eligible.

Key Details

Key Details about Your Property Insurance

Property Insurance gives you peace of mind as a retail business owner because you know that in the event of a covered claim, your damaged property may be replaced quickly and easily.

To give you an idea of what you should look for in your retail business Property Insurance policy, consider the following types of coverage to determine what your business protection plan may include.

Business Interruption Coverage for Retail Professionals

When unexpected events bring your business to a halt, Business Interruption Coverage can help provide funds so you can still cover utility, rent, and payroll expenses, depending on your policy. If a fire burns down your building, there's no way you'd be able to carry on business as usual. Because of this, Property Insurance may cover the income you lose as a result. Ask your Insureon agent about how business interruption insurance can safeguard your small retail business from financial shocks.

Spoilage, Power Outage, and Temperature Change Coverage for Retailers

When the lights go out and your refrigerator or A/C shuts off, the good news is that your Property Insurance is still up and running in a power outage. Retailer Property Insurance can include coverage for losses that result from power outages, spoilage, and temperature changes. A florist who loses thousands of dollars of flowers when a May thunderstorm cuts out her power on Mother's Day weekend may be able to get financial compensation for lost inventory.

In addition to outage coverage, food stores can get coverage in case a leak of refrigerant chemical contaminates their food. Produce sellers, restaurants, florists, and even cigar stores can get important coverage in case a loss of power leads to substantial damage of their inventory.

Sell Specialty Items? Property Insurance Can Cover It

Your Property Insurance policy can be tailored to cover the specific property your retail business has in its custody. For example, if you own a jewelry shop that sells antique items, some of your stolen, lost, or damaged inventory cannot be replaced. Certain policies may compensate you for these one-of-a-kind items that cannot simply be purchased again.

If you sell jewelry, check out Jewelers Block Insurance for details about insuring precious stones, metals, and fine jewelry.

Retail Business Owners: Customize Your Business Protection Plan

Our Insureon agents know that for retail businesses, time is of the essence when it comes to getting your shop back in working condition after an unforeseen disaster strikes. That's why we create custom policies that can offer protection against the unique risks and concerns your business faces. When you're ready to safeguard the inventory that draws customers to your doors, contact our retail business insurance experts today. We'll help you find a policy that fits your needs.

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